Best Secured Credit Cards To Rebuild Credit With No Deposit

Rebuilding credit can feel like an uphill battle, especially if you have a low score or past financial missteps. A secured credit card is one of the most effective tools to help you recover, as it requires a refundable security deposit but functions like a regular credit card. The best part? Some secured cards don’t even demand an upfront deposit, making them accessible even if you’re tight on funds.

In this guide, we’ll break down the top secured credit cards designed to rebuild credit with little to no deposit required. You’ll learn how they work, their key benefits, and how to choose the right one for your financial situation. Whether you’re new to credit or repairing past mistakes, these cards can help you establish a positive payment history and boost your score over time.

Best Secured Credit Cards With No (or Low) Deposit

Rebuilding credit doesn’t have to mean locking away hundreds of dollars in a security deposit. While most secured credit cards require an upfront deposit (usually equal to your credit limit), a handful of standout options either waive the deposit entirely or keep it low enough to be accessible even if you’re on a tight budget.

Here are the top secured credit cards that help you rebuild credit with minimal or no deposit:

1. Chime Secured Credit Builder Visa®

No deposit required – Unlike traditional secured cards, Chime doesn’t demand a security deposit. Instead, it links to your Chime checking account and uses your own money as collateral.
No credit check – Approval is based on your Chime account history, making it ideal for those with bad or no credit.
Reports to all three bureaus – Helps build credit when used responsibly.
No annual fee or interest – Since it’s a charge card (must be paid in full each month), you won’t rack up debt.

Best for: Those who want a true no-deposit secured card and already use Chime.

2. OpenSky® Secured Visa® Credit Card

Low deposit ($200 minimum) – One of the most affordable secured cards available.
No credit check – Perfect if you’ve been denied elsewhere.
Reports to all three credit bureaus – Builds credit with on-time payments.
No bank account required – Rare for secured cards, making it great for the underbanked.

Best for: People who need a low-deposit secured card without a credit check.

3. Capital One Platinum Secured Credit Card

Flexible deposit options ($49, $99, or $200 for a $200 limit) – Some applicants qualify for a lower deposit than their credit limit.
Potential credit limit increase – After 5-6 months of responsible use, Capital One may refund your deposit and upgrade you to an unsecured card.
Reports to all three bureaus – Helps improve credit over time.

Best for: Those who want a path to an unsecured card with a minimal initial deposit.

4. Discover it® Secured Credit Card

Refundable deposit ($200 minimum) – Unlike most secured cards, Discover reviews your account at 8 months to see if you qualify for an unsecured card (and get your deposit back).
Cashback rewards (2% on gas & dining, 1% on everything else) – Rare for a secured card.
Free FICO® Score access – Helps you track progress.

Best for: People who want rewards while rebuilding credit and a clear upgrade path.

Which One Should You Choose?

Need no deposit? → Chime Secured Credit Builder
Want the lowest deposit? → OpenSky® Secured Visa®
Looking for an upgrade path? → Capital One Platinum Secured or Discover it® Secured

Each of these cards helps establish or rebuild credit without requiring a large upfront deposit. The key is to use them responsibly keeping balances low and paying on time so your credit score steadily improves.

Eligibility Requirements for No-Deposit Secured Cards

Secured credit cards with no or low deposits are designed to be accessible, but they still have basic requirements to qualify. Understanding these criteria upfront can help you choose the right card and avoid unnecessary rejections that might further hurt your credit.

1. Credit Score Considerations

Most no-deposit or low-deposit secured cards don’t require good credit many don’t even check your credit at all. However, your options may vary depending on your current score:

Bad Credit (Below 580 FICO):
- Cards like Chime Secured Credit Builder and OpenSky® Secured Visa® are ideal since they don’t perform a hard credit inquiry.
- Some issuers (like Capital One) may still check your credit but are more lenient with approvals.
No Credit History:
- Secured cards are often the best way to build credit from scratch.
- Look for options that don’t require a credit check, such as Chime or OpenSky.

2. Income & Employment Verification

Even if a card doesn’t require a deposit, issuers still want proof that you can repay what you borrow. Most will ask for:

Monthly income (no strict minimum, but you typically need some steady income).
Employment status (self-employed, part-time, or benefits may qualify).

Note: Cards like Chime Secured Credit Builder only require an active Chime Spending Account, bypassing traditional income checks.

3. Age & Residency Requirements

Must be at least 18 years old (21 if applying independently without income).
U.S. resident with a valid SSN or ITIN (some cards, like OpenSky, may accept ITINs).
A physical U.S. address (PO boxes are often not accepted).

4. Bank Account & Financial History

Some secured cards (like Capital One Platinum Secured) may review your banking history for overdrafts or negative balances.
Chime’s card requires an active Chime Checking Account to function.

What If You Don’t Qualify?

If you’re denied for a no-deposit secured card, consider:

A low-deposit alternative (e.g., OpenSky’s $200 minimum).
A credit-builder loan (like Self or Credit Strong).
Becoming an authorized user on someone else’s card.

Key Takeaway

No-deposit secured cards are more accessible than traditional credit cards, but they still have basic eligibility rules. If you have bad credit, no credit, or limited income, focus on options like Chime, OpenSky, or Capital One, which have the most flexible approval requirements.

How to Apply for a Secured Credit Card?

Best Secured Credit Cards To Rebuild Credit With No Deposit

Applying for a secured credit card is straightforward, but following the right steps can improve your approval chances and help you get the best terms. Here’s exactly how the process works from research to activation.

Step 1: Check Your Credit (Know Where You Stand)

Before applying, pull your free credit report (AnnualCreditReport.com) or use a service like Credit Karma.

Why? Some secured cards perform a hard inquiry, which can slightly ding your score.
If you have bad/no credit, prioritize no-credit-check options (like Chime or OpenSky).

Step 2: Compare Cards & Pick the Best Fit

Refer back to our “Best Secured Credit Cards” section and choose based on:
✅ Deposit requirements (Can you afford the minimum?)
✅ Credit-building features (Does it report to all 3 bureaus?)
✅ Fees (Avoid cards with high annual fees if possible)

Example:

Need no deposit? → Chime Secured Credit Builder
Want cashback rewards? → Discover it® Secured

Step 3: Gather Required Documents

Have these ready before applying:
📌 Government-issued ID (Driver’s license, passport)
📌 Social Security Number (SSN) or ITIN
📌 Proof of income (Pay stubs, bank statements, or tax returns)
📌 Bank account details (For deposit or linking, if required)

Note: Some cards (like OpenSky) don’t require a bank account.

Step 4: Submit Your Application

Most issuers let you apply online in minutes. You’ll need to provide:

Personal info (name, address, DOB)
Financial details (income, employment status)
Security deposit amount (if applicable)

Pro Tip:

Capital One prequalifies applicants with a soft pull (no credit score impact).
Chime requires an active checking account first.

Step 5: Fund Your Security Deposit (If Required)

For cards like Discover it® Secured or Capital One Platinum Secured:

Pay your deposit ($200–$500 typically) via bank transfer or debit card.
Your credit limit will usually match your deposit.
Some issuers (like Capital One) may offer a higher limit than your deposit.

Example: With Capital One, you might deposit $49 and get a $200 limit.

Step 6: Activate & Start Using Your Card

Once approved:
💳 Receive your card by mail (typically within 7–10 business days).
🔓 Activate it (online or via phone).
🛒 Make small purchases (aim for <30% of your limit).
📅 Pay on time, in full (set up autopay if possible).

What If You’re Denied?

Ask why (the issuer must send an adverse action letter).
Try a different card (e.g., switch from Capital One to OpenSky).
Dispute errors on your credit report if they caused the denial.

Key Takeaways

No-credit-check cards (Chime, OpenSky) are easiest to get.
Always pay your deposit promptly to activate your card.
Use sparingly and pay on time this builds credit fastest.

Maximizing Your Secured Card to Boost Credit Fast

A secured credit card is a powerful tool—but only if you use it strategically. Unlike regular spending cards, every swipe should be calculated to rapidly improve your credit score. Here’s exactly how to optimize your card for maximum impact.

1. Keep Your Credit Utilization Below 30% (Ideally 10%)

Why it matters: Utilization (your balance vs. limit) makes up 30% of your FICO score. High usage = red flag for lenders.

✅ Smart Strategy:

If your limit is $300, never carry a balance above $90 (30%)—but aim for $30 (10%) for best results.
Pay early: If you need to make a larger purchase, pay it down before the statement closes.
Example: Charge $250, but pay $220 immediately—only $30 reports to bureaus.

🚫 Avoid: Maxing out your card, even if you pay in full. It can temporarily drop your score.

2. Always Pay On Time—Set Up Autopay

Why it matters: Payment history is 35% of your score. Just one late payment can hurt for years.

✅ Smart Strategy:

Enable autopay for the minimum payment (safety net).
Manually pay the full balance before the due date to avoid interest.
Use calendar reminders or apps like Credit Karma for due date alerts.

🚫 Avoid: Thinking “the grace period will save you.” Some secured cards (like OpenSky) have no grace period—interest starts immediately.

3. Gradually Request Credit Limit Increases

Why it matters: Higher limits = lower utilization % for the same spending.

✅ Smart Strategy:

After 6–12 months of on-time payments, ask for an increase.
Capital One and Discover often auto-increase limits for good users.
Chime doesn’t offer increases—its limit matches your direct deposits.

🚫 Avoid: Asking too soon (wait at least 6 months). Multiple requests can trigger hard pulls.

4. Avoid Closing Your Account (Even After Upgrading)

Why it matters: Closing your oldest card shortens credit history (15% of your score).

✅ Smart Strategy:

After upgrading to an unsecured card (e.g., Discover it®), keep the account open.
Use it for one small recurring charge (like Netflix) to keep it active.

🚫 Avoid: Closing the card just because you got an unsecured one.

5. Monitor Your Progress Monthly

Why it matters: Spot errors, track growth, and adjust habits.

✅ Smart Strategy:

Check your FICO Score for free (Discover provides this).
Dispute any inaccuracies (e.g., missed payments you actually made).
Apps like Experian Boost can add utility payments to your report.

🚫 Avoid: Obsessively checking—soft pulls don’t hurt, but multiple hard inquiries (e.g., applying for other cards) can.

6. Combine With Other Credit-Building Tactics

For even faster results, pair your secured card with:
📌 Credit-builder loans (Self or Credit Strong)
📌 Authorized user status on a family member’s old account
📌 Rent reporting (via services like Piñata)

Key Takeaways

Under 10% utilization + on-time payments = fastest score jumps.
Never close your first card—it’s the foundation of your credit history.
Patience pays off—most see a 50–100 point increase in 12–18 months.

Final Thoughts

A secured credit card with no or low deposit isn’t just a financial tool it’s a fresh start for your credit. By choosing the right card, using it wisely, and staying disciplined with payments, you can transform a low credit score into a strong financial foundation. Remember, rebuilding credit is a marathon, not a sprint. Whether you opt for a no-deposit option like Chime, a low-deposit card like OpenSky, or a rewards-earning card like Discover it® Secured, the key is consistency. Pay on time, keep balances low, and monitor your progress. Over time, that secured card can become an unsecured one and your improved credit will open doors to better loans, lower interest rates, and greater financial freedom. Start small, stay patient, and watch your credit grow.